UNITED STATES OF AMERICA - PDF document

1 UNITED STATES OF AMERICA Before the
UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION SECURITIES EXCHANGE ACT OF 1934 Release No. 89300 / July 13, 2020 ADMINISTRATIVE PROCEEDING File No. 3 - 19875 In the Matter of World Moto, Inc. , Respondent . ORDER INSTITUTING ADMINISTRATIVE PROCEEDINGS AND NOTICE OF HEARING PURSUANT TO SECTION 12(j) OF THE SECURITIES EXCHANGE ACT OF 1934 I. The Securities and Exchange Commission (“Commission”) deems it necessary and appropriate for the protection of investors that public adm inistrative proceedings be, and hereby are, in stituted pursuant to Section 12(j) of the Securities Exchange Act of 1934 (“Exchange Act”) against the respondent named in the caption. II. After an investigation, the Division of Enforcement alleges that: A. RESP ONDENT 1 1. World Moto, Inc. ( “ FARE ”) (CIK No. 1492151 ) is a Nevada corporation located in Bangkok, Thailand with a class of securities registered with the Commission pursuant to Exchange Act Section 12(g). FARE is delinquent in its periodic filings with the Commission, having not filed any periodic reports since it filed a Form 10 - Q for the period ended June 30, 2017 , which reported a net loss of $1,034,143 for the prior three months . As of July 7 , 2020 , the co mmon stock of FARE was quoted on OTC Link operated by OTC Markets Group Inc. (formerly “Pink Sheets”), had five market makers and was eligible for the “piggyback” exception of Exchange Act Rule 15c2 - 11(f)(3). B. DELINQUENT PERIODIC FILINGS 2. As discussed in mor e detail above, the Respondent is delinquent in its periodic filings with the Commission, has repeatedly failed to meet its obligation to file timely periodic 1 The short form of the respondent’s name is also its ticker symbol. 2 reports, and failed to heed a delinquency letter sent to it by the Division of Corporation Financ e requesting compliance with its periodic filing obligations or, through its failure to maintain a valid address on file with the Commission as required by Commission rules, did not receive such letter. 3. Exchange Act Section 13(a) and the rules promulgated thereunder require issuers of securities registered pursuant to Exchange Act Section 12 t

2 o file with the Commission current and
o file with the Commission current and accurate information in periodic reports, even if the registration is voluntary under Section 12(g). Specifically, Rule 13a - 1 r equires issuers to file annual reports, and Rule 13a - 13 requires domestic issuers to file quarterly reports. 4. As a result of the foregoing, the Respondent failed to comply with Exchange Act Section 13(a) and Rules 13a - 1 and 13a - 13 thereunder. III. In vi ew of the allegations made by the Division of Enforcement, the Commission deems it necessary and appropriate for the protection of investors that public administrative proceedings be instituted to determine: A. Whether the allegations contained in Secti on II hereof are true and, in connection therewith, to afford the Respondent an opportunity to establish any defenses to such allegations; and, B. Whether it is necessary and appropriate for the protection of investors to suspend for a period not exceedi ng twelve months, or revoke the registration of each class of securities registered pursuant to Section 12 of the Exchange Act of the Respondent, and any successor under Exchange Act Rules 12b - 2 or 12g - 3, and any new corporate names of the Respondent. IV. IT IS ORDERED that a public hearing before the Commission for the purpose of taking evidence on the questions set forth in Section III hereof shall be convened at a time and place to be fixed by further order of the Commission, pursuant to Rule 110 of th e Commission’s Rules of Practice, 17 C.F.R. § 201.110. V. IT IS ORDERED that a public hearing before the Commission for the purpose of taking evidence on the questions set forth in Section III hereof shall be convened at a time and place to be fixed by further order of the Commission, pursuant to Rule 110 of the Commission’s Rules of Practice, 17 C.F.R. § 201.110. IT IS FURTHER ORDERED that Respondent shall file an Answer to the allegations contained in this Order within ten (10) days after service of this Order, as provided by Rule 220(b) of the Commission’s Rul es of Practice, 17 C.F.R. § 201.220(b). 3 IT IS FURTHER ORDERED that the Division of Enforcement and Respondent shall conduct a prehearing conference pursuant to Rule 221 of the Commission’s Rules of Practice, 17 C.F.R. § 201. 221, within fourteen ( 14 ) days of se

3 rvice of the Answer. The parties may me
rvice of the Answer. The parties may meet in person or participate by telephone or other remote means; following the conference, they shall file a statement with the Office of the Secretary advising the Commission of any agreements reached at said co nference. If a prehearing conference was not held, a statement shall be filed with the Office of the Secretary advising the Commission of that fact and of the efforts made to meet and confer. If Respondent fails to file the directed Answer, or fails to a ppear at a hearing or conference after being duly notified, the Respondent, and any successor under Exchange Act Rules 12b - 2 or 12g - 3, and any new corporate names of the Respondent, may be deemed in default and the proceedings may be determined against the m upon consideration of this Order, the allegations of which may be deemed to be true as provided by Rules 155(a), 220(f), 221(f), and 310 of the Commission’s Rules of Practice, 17 C.F.R. §§ 201.155(a), 201.220(f), 201.221(f), and 201.310. This Order sha ll be served forthwith upon the Respondent by any means permitted by the Commission’s Rules of Practice. Attention is called to Rule 151(b) and (c) of the Commission’s Rules of Practice, 17 C.F.R. § 201.15 1(b) and (c), providing that when, as here, a pr oceeding is set before the Commission, all papers (including those listed in the following paragraph) shall be filed with the Office of the Secretary and all motions, objections, or applications will be decided by the Commission. The Commission requests t hat an electronic courtesy copy of each filing should be emailed to APFilings@sec.gov in PDF text - searchable format . Any exhibits should be sent as separate attachments, not a combined PDF. The Commission finds that it would serve the interests of justice and not r esult in prejudice to any party to provide, pursuant to Rule 100(c) of the Commission’s Rules of Practice, 17 C.F.R. § 201.100(c), that notwithstanding any contrary reference in the Rules of Practice to filing with or disposition by a hearing officer, all filings, including those under Rules 210, 221, 222, 230, 231, 232, 233, and 250 of the Commission’s Rules of Practice, 17 C.F.R. §§ 201.210, 221, 222, 230, 231, 232, 233, and 250, shall be directed to a nd, as appropriate, decided by the Commission. T

4 his proceeding shall be deemed to be one
his proceeding shall be deemed to be one under the 30 - day timeframe specified in Rule of Practice 360(a)(2)(i) , 17 C.F.R. § 201.360(a)(2)(i), for the purposes of applying Rules of Practice 233 and 250 , 17 C. F.R. §§ 201.233 and 250. The Commission finds that it would serve the interests of justice and not r esult in prejudice to any party to provide, pursuant to Rule 100(c) of the Commission’s Rules of Practice, 17 C.F.R. § 201.100(c), that the Commission shal l issue a decision on the basis of the record in this proceeding, which shall consist of the items listed at Rule 350(a) of the Commission’s Rules of Practice, 17 C.F.R. § 201.350(a), and any other document or item filed with the Office of the Secretary an d accepted into the record by the Commission. The provisions of Rule 351 of the Commission’s Rules of Practice, 17 C.F.R. § 201.351, relating to preparation and certification of 4 a record index by the Office of the Secretary or the hearing officer are not applicable to this proceeding. The Commission will issue a final order resolving the proceeding after one of the following: (A) t he completion of post - hearing briefing in a proceeding where the public hearing has been completed; (B) the completion of bri efing on a motion for a ruling on the pleadings or a motion for summary disposition pursuant to Rule 250 of the Commission’s Rules of Practice, 17 C.F.R. § 201.250 , w here the Commission has determined that no public hearing is necessary; or (C) t he determi nation that a party is deemed to be in default under Rule 155 of the Commission’s Rules of Practice, 17 C.F.R. § 201.155 , and no public hearing is necessary. In the absence of an appropriate waiver, no officer or employee of the Commission engaged in the performance of investigative or prosecuting functions in this or any factually related proceeding will be permitted to participate or advise in the decision of this matter, except as witness or counsel in proceedings held pursuant to notice. Since this p roceeding is not “rule making” within the meaning of Section 551 of the Administrative Procedure Act, it is not deemed subject to the provisions of Section 553 delaying the effective date of any final Commission action. By the Commission. Vanessa A. Countryman Secreta